monster trades system?

Hi I wonder if any body heard of this guy from Monster Trades Jay Wireman.
He is selling this daytrading system that is monster trades.
and he has some videos on you Tube to prove it.

I did a search on Google and found that the top listing was an ad that he is running on Craigslist for a seminar in Columbus on Saturday 19th April. He's then running a "live trading seminar" on the following Monday and Tuesday (21st and 22nd) for $2,000/person.

I checked out his YouTube page and the first video shows a successful trade and then spends a lot of time taking about an automated version of his system that he'll sell to the first 200 people who have already bought his course. His course is $800. I got a bit confused by the figures but if he's anticipating selling 200 courses @ $800 this year then he's looking at taking in $160,000 from this. His automated system is still unpriced. There was a lot of marketing talk with the "...only giving to the first ... people..." etc.

There's a lot of heavy marketing and promotion of what he's selling. I'm a firm believer that the best way to market this type of product is to let happy customers be evangelists and spread the word for you.

I would do a lot more investigation of this product myself before buying it. I'd like to speak to some fellow traders to hear how well or badly they've done before committing myself. Does he have any videos on YouTube that showing losing trades and does he explain the possible draw downs and risks associated with his methods? Does he explain how he developed the method and how it's done over the past years that he's traded it? And why is he selling it and not trading it? You have to assume that he's making more money selling it than trading it because it's way harder to go out and market and sell a system than trade it so why not take the easy route and trade the system?

Thanks day trading I didn't discretized it the way you did and you are right Y not trade successful system yourself. He claims on one of his videos that you can make as match as 10,000 on one trade set up...

mike

here is his method as posted on another forum..good luck with it



"1) Create a 3000 tick bar chart of the @ES.D. The system also works on the @ER2.D.

2) Insert a 9 period EMA moving average. Make this line white.

3) Insert a 55 period SMA moving average. Make this line magenta.

4) Insert the Tradestation built-in indicator "TrendLines Automatic". Use the following settings: TrendLines Automatic(4,4,10,"Yes","Red","Blue","Intrabar").

5) Insert the MACD indicator. Use the default settings: 12,26,9.

Here are the trading rules:

1. Red line-this is the resistance line. This line will only be used for buy signals. One close above the red line and you can take a long(buy) entry on the open of the next bar.

2.Blue line-this is the support line. This line will only be used for sell signals. One close below the blue line and you can take a short(sell) entry on the open of the next bar.

3. White line-this line is your intial stop line and trailing stop line. Once you close above the red line or below the blue line then you use the white line as your stop. For ex: if you close one bar outside of the red line would be a buy signal at the open of the next bar. After entry your intial stop and trailing stop would be one close below the white line after entry.

4.Yellow/cyan line-these two lines are at the bottom of the chart. If the yellow line is above the cyan line the market is in an uptrend. If the yellow is below the cyan then the market is in a downtrend. The wider the lines are apart from each other then the stronger the trend in that direction. Also, you will notice a green horizontal line just near these lines. If both lines are above this green line(also called zero line) then the market is in a strong uptrend. If both lines are below the green horizontal line then the market is in a strong downtrend. In uptrends you like to see the yellow above the cyan and both lines above the green(zero line). This indicator validates the breakouts and breakdowns when you enter the market."

In a trend it seems that most moving average systems can catch something...

let us know how it goes....

Bruce

Thanks BruceM unfortunately I don't have Trade Station I use Quote Tracker and for the past week trying to guess his setup.!
Do you know what the 4,4,10 auto trend line definition is? (period, strength, starting)?

sorry I don't have Tradestation either..I just collect this stuff for some crazy reason..You might want to check a Tradestation forum..perhaps someone there can help with the conversion

Bruce

This person promised me a refund in writing! To date I just get a run around, This deal is a scam, as you know he has had many complaints and charge backs! This internet rip-off needs to be stop! He has never done anything he has promised! There are several complaints about him all over the internet! I just want my money back as promised! Don't do business with this person!! Check him out!

Here is a quote from another person, "Scam alert: PayPal will not accept credit card payments for this service due to a significant amount of requested chargebacks. Jay will ask you to pay through Western Union--don't do it--you have no recourse once he collects the money. " Cjo Denver, Colorado
U.S.A.

This guy is from your community, you better watch out! HE IS A REAL SCAM!!
here is his email, [email protected]

So has anyone purchased the program? Looks interesting would love to know on his 4 charts which time frames / tick etc he is using. Bruce I see your post was wondering if you have the rest of the setup chart info or if you know what forum you found the info you posted. Seems like a very interesting system looking at the 79 videos he has posted on youtube. CJO I see you weren't happy can you tell me why?
Thanks

Bruce Have any nifty systems for esignal laying around? I'm not tech savy enough to convert the above to Esignal

Unfortunately, I purchased Wireman's "emini system" last month. It is, in my opinion, ridiculous. He uses a trade "trigger" that is described by Steve Nison as being insignificant and unimportant on 1- 3- and 5-minute charts.

Wireman uses a tick chart. Producing many bars per minute.

The "system" gives you so many possible "setups" that to take them all results in a loss.

When I confronted him about it, he told me I need to use trend lines. Trend lines are mentioned nowhere in his book.

Get the picture.

I tried to get a refund by Wireman coldly told me "I don't give refunds".

Suddenly, he wasn't so friendly over the phone anymore.

If you have $800 to throw away, by all means order his worthless book and prove to yourself that I'm right.

By the way, since then I have developed my own automated trading system that blows his away.

Mine actually works. And do you think that I'm looking to sell it to anybody?

ROTFLMFAO.

Not for $800. Not even for $800,000.

Oh, by the way. The above detailed system by BruceM is incorrect. That is not Wireman's system. It may be somebody else's but it is not Wireman's.

does anyone have his eld's for tradestation, i.e., his indicators.
pm me. I would like to program them as auto strategies, and it can be done. email me or pm .

With Care,

Liz